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S&P lifts Genting, debt to A-
Standard & Poor's said it raised its long-term corporate credit rating on Genting Bhd. to A- from BBB+.
The outlook is stable.
At the same time, the agency raised the issue rating on Genting's senior unsecured debt to A- from BBB+ and its long-term Asean regional scale ratings on Genting and its debt to axAA from axA+.
All ratings were removed from CreditWatch, where they were placed with positive implications on Nov. 26.
"We upgraded Genting following a reassessment of the surplus cash on the company's balance sheet," S&P credit analyst Kah Ling Chan said in a news release. "We expect the company to maintain a sizable cash balance, a significant part of which we consider to be surplus cash."
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